The sub-prime lender Amigo faces potential collapse after confirming that it will not appeal against a high court decision that blocked a scheme to cap customer compensation. Amigo, which charges 49.9% interest and requires borrowers to provide a friend or family member to act as a guarantor, said it would consider all options and was…
Liquidation of a company means the legal way of ending the company in which assets are discharged and sold out to repay the creditors whereby the business is closed and its name is removed from the record of the Company Registrars Office (OCR). In Nepal, the major law governing the liquidation process of a company…
On May 21, 2021, the Supreme Court dismissed pleas on 75 petitions challenging the notification including that on Anil Ambani, Sanjay Singhal, Venugopal Dhoot, Kapil Wadhawan and 45 other industrialists. (The Supreme Court had declared the notification issued by the Union government under Insolvency and Bankruptcy Code, on November 15, 2019 as legal and valid).…
The approval of the Resolution Plan in CIRP requires a minimum 66% of the voting share of members of the Committee of creditors By Ashok Kumar Gulla The Insolvency and Bankruptcy Code, 2016 (IBC Code) enacted on May 28, 2016, provides for invitation of resolution plans from Prospective Resolution Applicants (PRAs) for revival of the…
T.C. | In Spain, 2,086 companies declared insolvency between January and April this year, an increase of 71% compared to 1,217 a year earlier, according to data published in the Official State Gazette and analysed by Iberinform. The strongest growth was in April, when 552 insolvencies were declared, compared to 41 in April last year,…
An Analysis Of The Supreme Court Verdict On Insolvency And Bankruptcy Of Personal Guarantors Of A Corporate Debtor Top Begin typing your search above and press return to search. Read the full article at: https://www.livelaw.in/columns/supreme-court-insolvency-and-bankruptcy-2016-174760
Lenders To Initiate Insolvency Proceedings Against Personal Guarantors Top Begin typing your search above and press return to search. Read the full article at: https://www.livelaw.in/law-firms/articles/lenders-insolvency-proceedings-personal-guarantors-174833
Taxpayers face a legal bill for at least 8m as a result of the official receivers disastrous attempt to ban the Kids Company founder Camila Batmanghelidjh and seven fellow charity trustees from holding senior jobs, it has emerged. The bill follows a three-and-a-half-year legal case, in which a court threw out claims by the official…
Company insolvency statistics continue to defy gravity but an increase in IVAs shows that personal finances are beginning to take a hit as the impact of the pandemic starts to hit. Insolvency figures released last week by the Governments Insolvency Service show a 23% drop in corporate insolvencies compared to April last year, and a…
Photograph: Shutterstock The steak-and-salad bar chain Sizzler has sued the U.S. Small Business Administration in a last-ditch effort to get a second Paycheck Protection Program loan just days before the fund is expected to dry up, arguing that the agency is improperly putting a hold on the company over its bankruptcy filing last year. The…